(Reuters) - Canadian financial services firm Canaccord Genuity Group Inc (CF.TO) appointed Daniel Daviau as its chief executive, effective Oct. 1.
Daviau, who has been the CEO of Canaccord’s North American capital markets business since February, was the founder of Genuity Capital Markets. He joined Canaccord after the Canaccord/Genuity merger in 2010.
Daviau replaces David Kassie, who took over as CEO in April following the death of Paul Reynolds.
Up to Thursday’s close, the company’s stock had fallen 16 percent since Kassie’s appointment.
Kassie will continue to serve as executive chairman focusing on client facing activities and strategic initiatives, Canaccord said on Friday.
Reynolds, who led the company since August 2007, died three days after becoming ill while competing in a triathlon in Hawaii.
A source familiar with the matter told Reuters in July that Daviau and London investment banker Alexis de Rosnay were in the running for the CEO post.
Daviau will be based Toronto, the company said.
Canaccord’s stock was down 1 percent at C$5.50 in early trading on the Toronto Stock Exchange.
Reporting by Anet Josline Pinto in Bengaluru; Editing by Maju Samuel